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US Treasury Mulls UAE Currency Swaps Using $219 B Fund

4/26/2026

Summary

Story summary

Treasury Secretary Scott Bessent said the United States is discussing currency swap lines with partner countries, including the UAE, and that any swaps would be funded from the $219 billion fund.
UAE ambassador Yousef al-Otaiba said the Emirates holds over $2 trillion in sovereign assets and rejected a liquidity squeeze claim.
The UAE’s $300 billion FX reserves make borrowing from the $219 billion fund ironic, prompting experts to call the lines a confidence-building measure.

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Story summary

Treasury Secretary Scott Bessent said the United States is discussing currency swap lines with partner countries, including the UAE, and that any swaps would be funded from the $219 billion fund.
UAE ambassador Yousef al-Otaiba said the Emirates holds over $2 trillion in sovereign assets and rejected a liquidity squeeze claim.
The UAE’s $300 billion FX reserves make borrowing from the $219 billion fund ironic, prompting experts to call the lines a confidence-building measure.